Saudi Arabia’s Ministry of Finance signed a long-term financing agreement with South Korean export credit agency K-Sure on 22 December last year.

The facility was arranged through the ministry’s National Debt Management Centre (NDMC).

The financing provides $3bn from 10 international banks that will be used for strategic government projects in line with the kingdom’s Vision 2030 programme.

In a statement, Fahad al-Saif, CEO, NDMC, said meetings between service providers from South Korea and the owners of major future projects will take place, with the aim of securing financing on these projects.

He added that the agreement is the second of its type, following the earlier signing of an Euler Hermes financing agreement in July 2020.